San Jose Bankruptcy Attorney Discusses how the NHL's Phoenix Coyotes filed for protection under Chapter 11
San Jose Bankruptcy Attorney Discusses how the NHL's Phoenix Coyotes filed for protection under Chapter 11
Every part of the country no matter in what field that you work in is affected by the current downturn in the economy. Even sports teams are not isolated from the perils of bankruptcy.
In the week of May 12, 2009, the NHL's Phoenix Coyotes filed for protection under Chapter 11. Perhaps if Chrysler's bankruptcy hadn't been stealing the headlines this item would have made more waves. What makes this case interesting, obviously, is the fact it is a professional sports franchise. As such, there are a lot of big time sports stars that are waiting for their paychecks until the Bankruptcy Court approves the payment of pre-petition wage claims. None of those names is bigger than the Great One himself, Wayne Gretzky. Gretzky is in the hockey hall of fame, but he still may not get paid for all those goals scored. In total, the Coyotes have asked to pay over half a million dollars in pre-petition wages. Along with his salary, Gretzky is also a creditor of the estate to the tune of $8 milliion in deferred compensation. A Chapter 11 bankruptcy is a repayment plan that has to accepted by all the creditors as well as the bankruptcy trustee. Therefore, until the plan is adopted, The Coyotes are going to have to come up with the money to play their players.
If you have a question regarding Bankruptcy please contact us at 1-800-941-6730 or visit www.bkanswers.com and we can connect you with one of our experienced Bankruptcy Attorneys. After you have spoken with one of our bankruptcy attorneys we can schedule you a free face to face appointment in our office location nearest you. Our team of Bankruptcy Lawyers can assist you with all aspects of your case. If you are have questions about filing a chapter 7 bankruptcy, a chapter 11 bankruptcy, a chapter 13 bankruptcy, lien stripping, cram down, stopping a foreclosure or wage garnishment, discharging debt, etc. we can help! We have bankruptcy attorneys located throughout California who can assist your needs. Please feel free to complete our free bankrupcty evaluation and we can quickly determine if you are a qualified candidate for bankruptcy.
